MADISON, Wis. (AP) — Spectrum Brands, whose products include Rayovac batteries and Remington shavers, says it's scrapping plans to move its headquarters to Florida and will instead stay in Wisconsin.
The consumer products company will move its Madison headquarters, several North American divisional operations and its technology center, which includes a total of 500 employees, to the suburb Middleton by the end of 2013.
Spectrum, which was previously known as Rayovac, cited savings from a more energy-efficient and economical building in Middleton and a five-year, $4 million award from the Wisconsin Economic Development Corp. as reasons it shelved plans to move to Miramar, Fla., where its Russell Hobbs home appliance subsidiary is located.
"In this challenging economic environment in which companies operate, we must reduce costs to maintain an operating structure aligned with today's market conditions and enable Spectrum Brands to remain competitive and continue to grow over the long-term," said Dave Lumley, CEO of Spectrum Brands Holdings.
Spectrum Brands announced in November that its full-year loss narrowed to $75.2 million, or $1.47 per share, from a loss of $190.1 million, or $5.28 per share, in the previous year. Annual revenue climbed 24 percent to $3.19 billion.
The company began as a battery manufacturer in Madison more than 100 years ago. In addition to batteries and grooming items, the company's products include household items sold under the George Foreman, Black & Decker and Farberware names, Cutter insect repellants and specialty pet supplies.
"We are pleased about our move to Middleton, as well as our ability to retain our world headquarters and North American appliances operations in Wisconsin and continue our long history of investment in our state, which will include capital spending of $40 million over the next five years," Lumley said.
In addition to its headquarters in Madison, Spectrum has Wisconsin manufacturing plants in Fennimore, with 320 employees, and Portage, with 200 employees. Its home and garden headquarters are in Earth City, Mo., and its United Pet Group is located in Cincinnati.
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